index Update: On 16th April, the broader NZ market ended lower amidst selling in the IT sector, with S&P/NZX 50 index falling by 0.08% to end at 13,066.060 and S&P/NZX 20 index declining 0.10% to 7,362.070. On the same day, S&P/NZX All Information Technology witnessed a decline of 1.09% to close at 1,891.700. However, S&P/NZX All Energy fell by 1.00% to 2,801.080.    

Macro Update: As per FEU dated 9th April 2026, labour market momentum remained subdued, despite a solid 0.3% increase in employment in February. Downward revisions to January’s data, along with weakness in December, resulted in total jobs being slightly lower than in November last year. Employment is still expected to increase in the March quarter in household labour force survey (due on 6th May).  

Market Movers: Among top gainers, WasteCo Group Limited (NZX: WCO) witnessed a rise of 12.50% to $0.009 per share. Solution Dynamics Limited (NZX: SDL) declined by 5.17%.   

Commodity Update: On Thursday, the U.S. dollar remained close to its weakest level since early March against major currencies as optimism over a possible peace agreement between the United States and Iran improved market sentiment and reduced Demand for safe-haven Assets. Gold rose 0.45% to USD 4,846.15 per ounce, silver climbed 1.09% to USD 80.50, and copper advanced 0.19% to USD 13,312.70. Meanwhile, Brent Crude slipped 0.09% to USD 94.83 per barrel.  

Source: Charts by TradingView, Analysis: Kalkine Group   

In the latest session, the S&P/NZX 50 index delivered a subdued performance, edging down by 10.52 points, or 0.08%, to finish at 13,066.06. Notably, the formation of a long upper shadow following a retest of the immediate resistance at 13,073.68 highlights persistent selling pressure at higher levels. From a technical standpoint, the inability to reclaim this resistance reinforces the likelihood of a breakdown in the short-term uptrend established from the most recent trough. Moreover, the 14-period RSI continues to track below its midpoint, signalling waning momentum and supporting a bearish near-term bias. Conversely, a clear and sustained breakout above 13,339.06, aligned with the mid-March peak, on the back of stronger trading Volume would be necessary to negate the current downside risk and indicate a potential shift in trend.  

Our Stance: As of now, the US markets remain near record highs, supported by strong corporate Earnings and improving sentiment. However, Volatility persists due to geopolitical tensions, oil price movements, and Interest Rate uncertainty. The NZ markets have shown mixed and cautious performance, with sentiments influenced by global factors like oil prices and geopolitical tensions, leading to periodic Volatility.  

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